Dollar extends 2022 surge as market awaits key US inflation data

The dollar extended its banner run of 2022, pushing higher following the latest solid US jobs data as equities retreated in both New York and Europe.

The US currency, which has already struck multi-year highs against the euro and other leading currencies, rose as investors bet that the latest round of US employment data released Friday will confirm a Federal Reserve plan to continue aggressively hiking interest rates.
Analysts said Monday’s gains by the greenback also reflected the worsening Russia-Ukraine conflict, which has bolstered the dollar’s standing as a “refuge” investment.

US stocks finished a choppy session lower, joining European bourses in retreating. This week’s calendar also includes retail sales for September, as well earnings from Delta Air Lines, JPMorgan and others.

Investors are cautious ahead of the earnings period, with rising costs expected to cut into corporate profits.

We’re seeing mild risk aversion in the markets at the start of the week, perhaps some apprehension ahead of what could be a big few days for the US,” said market analyst Craig Erlam at OANDA.
Analysts now project the S&P 500 companies scored an earnings increase of 2.9 percent per share, down from the 10.5 percent that had been forecast in June, according to CFRA Research.

Source: IOL

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